On 24 September 2019, the EU General Court (GC) handed down its judgment in HSBC v. Commission.[1] Consistent with recent precedent, the GC reaffirmed the European Commission (“Commission”)’s duty to provide sufficient reasons when explaining fine calculations in cartel cases and annulled the fine imposed on HSBC in full as a result of the Commission’s insufficient reasoning. The GC also provided clarity on other key aspects of cartel rules: namely, ‘by object’ infringements, the evidentiary requirements to establish a single and continuous infringement (SCI), and the Commission’s obligation to uphold a non-settling party’s presumption of innocence in hybrid settlement procedures